Singapore-headquartered non-fungible token (NFT) marketplace Mintable announced raising $13 million in its Series A funding round that will finance the expansion of its operations and boost its growth and user acquisition initiatives.
The oversubscribed funding round saw participation from Ripple, which provides XRP Ledger developer tools, programs, and services and enterprise blockchain solutions; NFT investment fund Metapurse; Animoca Brands, the leading mobile and blockchain gaming developer; and Shutterstock executive chairman Jon Oringer.
Other participants in the round funding included John Kim, president of platform and marketplaces at Expedia Group, Double Peak, 7 O’Clock Capital, 640 Oxford Ventures, Digital Finance Group, Spark Digital Capital, Reimagined Ventures, and 840 Venture Partners.
With the fresh funding, Mintable, which is backed by billionaire investor Mark Cuban, said it will be focusing on scaling its operations and boosting its growth and user acquisition initiatives.
Mintable CEO and founder Zach Burks said NFTs have reached mass appeal through 2021, having touched almost every sector spanning entertainment, fine arts, sports, and many more.
NFTs are assets in the digital world that can be bought and sold like any other piece of property but have not tangible form of their own.
“As the technology continues to mature and the space rapidly evolves, this is a critical company for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users,” Burks added.
Headquartered in Singapore, Mintable claims to be the first in the industry to implement a unique gas-free minting feature that allows users to create their NFTs, enabling content creators to fully benefit from what NFTs have to offer without being burdened by prohibitive transaction fees.
Since launching in 2018, Mintable has established a growing catalogue of unique items, spanning digital art, music, collectibles, game items, domains, and many more, for sale on its platform.
To date, Mintable has worked with brands, celebrities, and artists looking to kickstart their NFT journey. It has approximately 700,000 items minted on its platform.
The company said the proceeds of the Series A investment will be used to further spearhead numerous user acquisition and growth initiatives for Mintable’s individual users and brand clients.
It will also continue to develop and launch new products to deliver on its mission of making the buying and trading experience of NFTs as easy and accessible as possible for the mass market.